Banks credit grows by 7.21%, deposits by 9.51%: RBI data

Banks credit and deposits grew 7.21 per cent and 9.51 per cent to Rs 100.05 trillion and Rs 131.26 trillion, respectively, in the fortnight ended January 17, according to the latest Reserve Bank data.

In the year-ago fortnight, banks advance stood at Rs 93.32 trillion while deposits at Rs 119.85 trillion.

In the previous fortnight ended January 2, credit had grown by 7.57 per cent to Rs 100.44 trillion and deposits by 9.77 per cent to Rs 132.10 trillion.

Non-food bank credit growth decelerated to 7 per cent in December 2019 from 12.8 per cent in December 2018.

Loans to the services sector decelerated sharply to 6.2 per cent in December 2019 from 23.2 per cent last year same period.

Advances to agriculture and allied activities decelerated to 5.3 per cent from 8.4 per cent in December 2018.

Personal loans growth decelerated marginally to 15.9 per cent from 17 per cent in December 2018.

During the month, credit growth to industry decelerated to 1.6 per cent from 4.4 per cent.